Opinion
Case No. 11-25973-DER
2012-09-02
In re: SWAMI SHREE, LLC Debtor
SO ORDERED
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U.S. BANKRUPTCY JUDGE
Chapter 11
STIPULATION AND CONSENT ORDER SUPPLEMENTING
CONSENT ORDER FURTHER EXTENDING
INTERIM AGREEMENT FOR USE OF CASH COLLATERAL,
AUTHORIZING DEBTOR TO USE CASH COLLATERAL, AND GRANTING
ADEQUATE PROTECTION (THROUGH OCTOBER 17, 2012) [Dkt. 221]
Swami Shree, LLC (the "Debtor") and S4H Hospitality LLC ("S4H" or the "Senior Creditor"), by their respective attorneys, in supplement to the Stipulation and Consent Order Further Extending Interim Agreement for Use of Cash Collateral, Authorizing Debtor to Use Cash Collateral, and Granting Adequate Protection (Through October 17, 2012) (the "Eighth Interim Order") [Dkt.: 221], hereby stipulate and agree as follows:
For purposes of this Order, all capitalized terms not otherwise defined within this Order shall have the meanings ascribed to them by the Eighth Interim Order [Dkt.: 221].
A. The Debtor's permitted use of cash collateral of S4H is authorized and circumscribed by the provisions of the Eighth Interim Order;
B. The Debtor has an immediate need to utilize funds that constitute cash collateral of S4H beyond the agreed budget and allowances of the Eighth Interim Order. Specifically, Debtor requires additional funds to replace all guest room TV's with new 32" flat-screen plasma TV's, which improvement is required by the Property Improvement Plan ("PIP") of the Debtor's franchise agreement with La Quinta Inns & Suites. The Debtor has received a quote for this improvement and the cost is expected to total approximately $29,080.95.
C. The Debtor may, during the Specified Period, as defined in the Eighth Interim Order, utilize funds from the PIP expenditures escrow fund for the PIP required improvement of replacing all guest room TV's with new 32" flat-screen plasma TV's. Debtor may use Cash Collateral for the purpose of this PIP expenditure, in the amount of $29,080.95, with a variance of 5% beyond this amount also pre-approved for this purpose.
D. Excepting the addition of the agreed terms above, all provisions of the Eighth Interim Order remain in full force and effect and are not changed by this Order.
On the basis of and consistent with the foregoing, and good cause appearing to the Court:
IT IS HEREBY ORDERED that:
1. The Debtor may, during the Specified Period, as defined in the Eighth Interim Order, utilize funds from the PIP expenditures escrow fund for the PIP required improvement of replacing all guest room TV's with new 32" flat-screen plasma TV's. Debtor may use Cash Collateral for the purpose of this PIP expenditure, in the amount of $29,080.95, with a variance of 5% beyond this amount also pre-approved.CONSENTED AND AGREED TO: ______________
2. Excepting the addition of the approval for the expenditure in paragraph 1 above, all provisions of the Eighth Interim Order remain in full force and effect and are not changed by this Order.
Curtis C. Coon, Bar No. 01275
Colin J. Casler, Bar No. 28609
Coon & Cole, LLC
401 Washington Avenue, Suite 501
Towson, MD 21204
ccasler@ccclaw.net
410-244-8800
Attorneys for the Debtor
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Alan M. Grochal, Bar No. 01447
Tydings & Rosenberg LLP
100 E. Pratt Street, 26th Floor
Baltimore, MD 21202
agrochal@tydingslaw.com
410-752-9715
Attorneys for SS4H Hospitality LLC
Certification Pursuant to Admin. Order 03-02, Ex. A, Sec. V.B.1
I HEREBY CERTIFY that the terms of the copy of the consent order submitted to the Court are identical to those set forth in the original consent order; and the signatures represented by the /s/ on this copy reference the signatures of consenting parties on the original consent order.
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Colin J. Casler